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+--- Thread: Singapore must find the "right approach" to decide who takes responsibility (/Thread-Singapore-must-find-the-right-approach-to-decide-who-takes-responsibility)
Singapore must find the "right approach" to decide who takes responsibility - Bigiron - 02-11-2023
Singapore must find the "right approach" to decide who takes responsibility for malware scam losses, says MAS chief Ravi Menon. Read the interview:
https://cna.asia/40hVLDP
RE: Singapore must find the "right approach" to decide who takes responsibility - sgbuffett - 02-11-2023
The MAS is hopeless just like in the past Singaporeans were not well protected from s chips scandals, fraud companies listed on sgx, lehman mini bonds.....MAS fail to up its game.
This whole sorry episode started when MAS allowed banks to phase out hardware tokens breaking the cardinal rule that 2 factors for authentication cannot be on same device.
This allowed scammers to exploit Android OS loopholes and vulnerabilities.
Our elderly and ordinary citizens are not cyber security trained ...
The MAS failed to perform its duties along side the banks who failed to provide security to its customers....now want to talk about "shared responsibility".
Singaporeans ended up in this sorry state with highest losses per capita due to scams because MAS and banks did not do their jobs.
What "right approach"?
My foot. This guy should be sacked.
RE: Singapore must find the "right approach" to decide who takes responsibility - sgbuffett - 02-11-2023
Problems of scams started with this move by banks to save a few hundred thousand a year
https://www.businesstimes.com.sg/companies-markets/ocbc-rolls-out-digital-token-replace-hardware-security-tokens
RE: Singapore must find the "right approach" to decide who takes responsibility - EvertonDiehard - 02-11-2023
My elderly parents have never been scammed simply because they don't answer their mobile phones when they receive calls from anyone not listed in their directory, hang up immediately when receiving calls on their land line from strangers and especially from voice recordings. They also don't use bank apps and prefer to go in person to their bank which is within walking distance from home. I guess they have plenty of time as retirees, and can do without the added convenience of online banking.
RE: Singapore must find the "right approach" to decide who takes responsibility - RiseofAsia - 02-11-2023
Now they are trying to Tai Chi.
Just always remember, don’t click any link to access the app or any website.
Even you never install any app, don’t always think your $$$ wont be transferred away.
RE: Singapore must find the "right approach" to decide who takes responsibility - cityhantam - 02-11-2023
The problem is physical banking with POSB/DBS has become very difficult!
Got to queue up early early for queue number and then wait long long for your turn.
Old people cannot tahan!
RE: Singapore must find the "right approach" to decide who takes responsibility - whylah - 02-11-2023
a reactive rather than a proactive approach.
Should just bring back physical hardware tokens to prevent innocent people begin scammed unless mas/banks want to be fully responsible for such incidents.
RE: Singapore must find the "right approach" to decide who takes responsibility - Dan - 02-11-2023
(02-11-2023, 12:33 PM)whylah Wrote: a reactive rather than a proactive approach.
Should just bring back physical hardware tokens to prevent innocent people begin scammed unless mas/banks want to be fully responsible for such incidents.
Physical token can be quite troublesome when it gets lost
Erasable QR code tattooed on your nail or wrist be possible?
RE: Singapore must find the "right approach" to decide who takes responsibility - Manthink - 02-11-2023
(02-11-2023, 12:22 PM)cityhantam Wrote: The problem is physical banking with POSB/DBS has become very difficult!
Got to queue up early early for queue number and then wait long long for your turn.
Old people cannot tahan!
For the sake of SGreans, time for MAS to rethink its online-banking politicy and change the rules for banks to setup min no of branches and human ATMs..
Cyber thief & scams are huge business for the criminals and the victims often suffer more than just financial lost.
RE: Singapore must find the "right approach" to decide who takes responsibility - Blasterlord2 - 02-11-2023
Now that he's leaving then he said this kind of thing. Just make it happen, dun tell us.
RE: Singapore must find the "right approach" to decide who takes responsibility - sgbuffett - 02-11-2023
(02-11-2023, 01:03 PM)Dan Wrote: Physical token can be quite troublesome when it gets lost
Erasable QR code tattooed on your nail or wrist be possible?
Your phone also can be lost.
Your key also cab be lost.
Your wallet also cab be lost.
Hardware token can prevent all of the hacking perpetuated by scammers
Before hardware tokens were phased out the cases were zero now they are so bad.
Let's just do it.
While leaders and authorities are frozen in their decision making Singaporeans will suffer more scams.
RE: Singapore must find the "right approach" to decide who takes responsibility - Blasterlord2 - 02-11-2023
The authorities should make it possible for users to choose between using physical tokens and/or pure handset authorization.
For example, if I'm going overseas I won't like to take my token with me. Issue the token to all customers and let them switch as and when the situation requires.
Also, use one physical token for all the banks instead of each bank having its own. I'm sure the authorities can do this, but will they?
RE: Singapore must find the "right approach" to decide who takes responsibility - EvertonDiehard - 02-11-2023
(02-11-2023, 01:58 PM)Manthink Wrote: For the sake of SGreans, time for MAS to rethink its online-banking politicy and change the rules for banks to setup min no of branches and human ATMs..Cyber thief & scams are huge business for the criminals and the victims often suffer more than just financial lost.
Imagine a retiree who loses his life savings won't have the energy and mental capacity to return to work even if employers don't practice ageism. Some of them will lose their minds and may even take their own lives after being scammed of all their hard earned money.